Century Properties says pre-sales hit P21.4-B in 2012

ABS-CBN News

MANILA, Philippines - Century Properties Group, Inc. on Wednesday said its pre-sales of units have already reached P21.4 billion last year, surpassing the P20-billion target set by the company.

The level is also 16% above the P18.4 billion pre-sales recorded in 2011, the firm said in a statement.

The listed firm said the sales growth was driven by a strong demand for housing and commercial properties from both Filipinos and foreign nationals.

"The demand for real estate remains very strong as proven by our robust sales, and the market recognizes that the timing and conditions are indeed ripe for buying good property," Jose Carlo R. Antonio, chief operating officer, said in the statement.

"The expanding middle class, more job and income opportunities that lead to an increase in purchasing power, low interest rates, and robust remittances--these and more factors contributed to the growth of Philippine real estate this year, and to the growth of Century as a prime developer of masterplanned communities," he continued.

Between December 2012 and December this year, the firm aims to complete and turn-over five buildings with a total 4,607 units. These buildings include the Gramercy Residences and the Knightsbridge Residences in Makati, and the first three towers of the Azure Urban Resort Residence.

Moreover, Century Properties said its Century City Mall and Beach Club at the Azure are scheduled to be completed in the second half of 2013.